One requirement for the formation of a valid insurance contract is that the contract must be for
Question:
a. Identify three factors, other than the legal purpose requirement, that are essential to the formation of a binding insurance contract.
b. Explain how each of the three requirements in part (a) is fulfilled when the applicant applies for an auto insurance policy.
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a Three additional factors are 1 Offer and acceptance 2 Consideration 3 Competent parties b ...View the full answer
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Related Book For
Principles of Risk Management and Insurance
ISBN: 978-0132992916
12th edition
Authors: George E. Rejda, Michael McNamara
Question Posted:
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